Metaverse Tokens SAND and MANA See Price Surge as NFT Market Rebounds

Key Notes

NFT sales volume jumped to $158 million in the past week.This uptick has pushed the price of MANA and SAND to new highs.The broader NFT sector is pushing to reclaim its 2021 peak adoption level.

Amidst a broader non-fungible token (NFT) niche recovery, metaverse tokens such as The Sandbox SAND $0.75 24h volatility: 23.5% Market cap: $1.80 B Vol. 24h: $5.26 B and Decentraland MANA $0.68 24h volatility: 11.3% Market cap: $1.27 B Vol. 24h: $1.43 B have registered some uptick. According to data from CryptoSlam, the digital collectible sector recorded approximately $158 million in sales volume in the past week. This marked a 13% drop from the $181 million recorded the week before.

At the same time, it still beat the values seen in the early days of November. Between November 4 and 10, NFTs secured only $93 million weekly sales volume. The current $158 million weekly sales volume is equivalent to a 41.14% jump compared to this level. This also outranks the figures recorded in October and the previous months.

Massive Price Gain for The Sandbox and Decentraland

In the wake of this rebound, investors and traders have suddenly turned their attention to the duo of SAND and MANA.

Within the last 24 hours, SAND has registered an 18.75% increase, pushing the price to $0.7543. It climbed from the daily low of $0.5183 to a high of $0.84 before slightly declining to this current price level. Meanwhile, this token has recorded a weekly price surge of 110.32% after forming an intense god candlestick during the weekend. This marked the beginning of its bullish signal.

SAND trading volume has increased by 206.47%, from around $200 million to $5.28 billion in 24 hours. This reflects the change in traders’ sentiments and engagement with the token. At a market cap of $1.82 billion, SAND is currently the 62nd largest cryptocurrency.

Similarly, MANA is 1.69% higher than its level 24 hours ago and is now trading at $0.6866. On a weekly scale, the token has spiked by 67.29%. Based on traders’ interaction and show of confidence in MANA, its trading volume has shot up by 61.95% in 25 hours.

This token’s uptrend has capped at $0.7027 in the last two years, but it is now exploring this resistance level.

A look at the Ichimoku Cloud suggests that the Decentralnd bearish trend has ended. Based on this, the token might consolidate around its current price for a long time. Should this bullish sentiment intensify, MANA may eventually convert the $0.7 mark as support.

Per analysts’ projections, it could hit the much-anticipated $1 price level in the long run.

Future of SAND and MANA

The Sandbox and Decentraland’s outlook suggests a major comeback from its historic lows.

While this may look like a breakthrough for both tokens, it is noteworthy that they could still face a major dip. In the meantime, however, the broader cryptocurrency industry is basking in the euphoria of huge gains, with Bitcoin BTC $97 846 24h volatility: 0.5% Market cap: $1.94 T Vol. 24h: $59.65 B leading.

Meanwhile, the weekly sales recorded in the NFT market are still far from the levels achieved in the sector when the metric hit an all-time high (ATH). The niche saw its weekly sales peak at over $2.2 billion from August 23 to August 29, 2021.

The demand for NFT has yet to return to this previous level, leaving the sector struggling.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Decentraland (MANA) News, NFT News, Altcoin News, Cryptocurrency News, News